Bitcoin surged late Monday, topping $45,000 to hit its highest level in nearly 21 months. The rally in cryptocurrencies continues into 2024.
Bitcoin has been on a tear lately, reaching a new high of $45,000 on Monday. This comes as the overall cryptocurrency market continues to rally, with many digital tokens reaching all-time highs.
Experts are predicting that the rally will continue well into 2024, as more and more people become interested in digital currencies. So far, this looks to be holding true, as Bitcoin and other cryptocurrencies continue to surge in value.
Cryptocurrencies are on the rise with ether and Solana both seeing gains. This rally is being driven by the upcoming launch of Solana’s blockchain.
Bitcoin traders are excited about the potential approval of a bitcoin exchange-traded fund in the U.S., as well as the upcoming bitcoin “halving.”
The potential approval of a bitcoin ETF has traders anticipating that institutional investors will begin to flock to the digital currency, driving up the price.
The upcoming bitcoin “halving” is also causing excitement in the community, as it is expected to reduce the amount of new bitcoin created each day, leading to a tighter supply and potentially higher prices.
Bitcoin surged to start off 2024, topping $45,000 for the first time since April 2022 as investor confidence in a potential bitcoin exchange-traded fund approval continued to build.
This latest surge in bitcoin prices comes as the SEC is set to make a decision on a proposed bitcoin ETF by the end of the month.
If approved, the ETF would allow institutional investors to buy and sell bitcoin like any other security.
Bitcoin surged to an all-time high of $45,913.30 early Tuesday morning, smashing through the $45,000 mark for the first time in over four years. The cryptocurrency was last seen trading at $45,194.73, up 3% on the day.
The decision to allow the first bitcoin ETF has traders and investors alike eager with anticipation. This would allow those without the technical know-how to invest in the cryptocurrency, as they would be buying a product that follows the price of bitcoin.
This is likely to draw in larger institutional investors who may have been hesitant to invest in bitcoin directly.
On Friday, BlackRock and other potential issuers filed updated registration forms for their proposed bitcoin ETFs.
The updated forms included the names of authorized participants, which some investors are reading as evidence that a decision by the U.S. Securities and Exchange Commission is coming soon.
Many industry experts expect the funds to be approved in January.
Bitcoin’s meteoric price gains continue to astonish the world as we move further into 2024. The digital coin experienced a 157% price increase in 2023, and many believe the bold rises will only continue from here.
This makes now an opportune time to invest in bitcoin, as its value is only expected to grow in the years to come.
Investors are eagerly anticipating the bitcoin ETF decision in January, which is widely expected to come sometime that month.
Shortly after, in the spring, the Bitcoin halving is expected to take place, an event that historically has preceded steep price rises.
Plus, Fed officials are anticipating at least three interest rate cuts this year after almost two years of hikes that have hurt the cryptocurrency.
Cryptocurrencies rallied overnight on Tuesday with Ether trading at around $2,387, up around 4%. Solana surged 7% to around $113.